Stryker
(NYSE: SYK)
announced today that it completed its previously announced acquisition of soft tissue fixation developer Artelon.
Kalamazoo, Michigan-based Stryker last month announced an agreement to buy all outstanding shares of Artelon. Financial terms remain undisclosed.
Artelon specializes in soft tissue fixation products for foot and ankle and sports medicine procedures. Stryker believes that the company’s technologies complement and expand its current range of products in those areas. Artelon designed its differentiated synthetic technology to enhance biological and mechanical ligament and tendon reconstruction. The company reports more than 60,000 implantations worldwide to date.
Brent Ladd, president of Stryker’s Endoscopy unit, said in a news release that the acquisition enhances the company’s ability to meet customer needs. Ladd also called the acquisition “a significant milestone” that provides customers with advanced technologies that improve patient outcomes.
In May 2023, Artelon raised $20 million in a Series B funding round for its joint instability treatment. The company planned to use the proceeds to fund commercial growth and clinical research while developing its proprietary Dynamic Matrix technology for musculoskeletal soft tissue reconstruction.
Artelon’s offerings include the FlexBand Twist, FlexBand Solo, FlexBand Multi, and FlexBand Fix systems. They offer orthopedic surgeons complete sets of tools and implants in a single-use, sterile blister. Each system targets specific indications as well.
“Integrating Artelon’s portfolio into Stryker’s offerings will allow us to deliver best-in-class soft tissue fixation solutions,” said Tim Lanier, president of Stryker’s Trauma & Extremities division. “This acquisition strengthens our competitive edge. Leveraging Artelon’s unique synthetic technology and extensive expertise positions us to continue driving innovation and solidify our leadership in the foot and ankle and sports medicine segments.”
